Investors have urged the UK Financial Reporting Council (FRC) to review HSBC's climate accounting, claiming they lack transparency about the bank's accounts and audit records. The letter was sent to the bank, the Prudential Regulation Authority and seen by Reuters. The investors also expressed concerns about how HSBC's auditor PwC had verified the bank’s accounting. The last three financial statements indicated that the bank faced no major hit in the short-term, despite acknowledging uncertainty about the impact of climate change. They also highlighted concerns about HSBC's exposure to physical risks and transition risks such as changing regulations. The group has asked the bank to review its assessment of climate risks and publish a sensitivity analysis based on more severe climate impacts.